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RE: Valuing Steem Rewards As Taxable Income Is A Vast Overstatement Of Tax Liability - Part 1

in #taxes7 years ago (edited)

Loving your contributions to this thread, Sean. Excellent stuff.

On this: what about trades in crypto between the time of receiving rewards in Steem and cashing out in fiat, if trading/investing in other tokens?

i.e. take Steem, trade over the course of the year for a few dozen other coins before converting some to withdraw in fiat... would precise records need to be kept for every trade in between, and capital gains/losses calculated and paid on each of those single trades, regardless of that it’s still all kept in crypto?

(To my understanding, the answer is YES - though I’m curious as to whether with your insight, there may be any other possibility, and what specific terminology of the protocol you use in the answer.)